Thermoelectric Generators Market worth 715.8 Million USD by 2022

The report "Thermoelectric Generators Market by Source (Waste Heat Recovery, Energy Harvesting, Direct Power Generation, Co-Generation), Material (Bismuth Telluride, Lead Telluride), Component, End User, Temperature, Wattage, and Region - Global Forecast to 2022", The thermoelectric generators market is projected to grow from an estimated USD 368.5 Million in 2017 to USD 715.8 Million by 2022, at a CAGR of 14.20% during the forecast period, 2017 to 2022.

This report studies the global thermoelectric generators market over the forecast period from 2015 to 2020. The market is projected to reach USD 547.7 Million by the end of 2020, at CAGR of 13.8% from 2015 onwards.

Factors such as rapid commercialization of thermoelectric generators in the automotive indutry, and increasing demand for miniaturized TEGs are leading to the growth of the thermoelectric generators market.

Based on end user, the industrial segment is projected to grow at the highest CAGR during the forecast period

Based on end user, the industrial segment of the thermoelectric generators market is projected to grow at the highest CAGR from 2017 to 2022, owing to the increasing demand for waste heat recovery in industrial applications. Thermal power plants, cement industries, and steel plants produce large amounts of waste heat which can be converted into useful electrical energy by employing thermoelectric generators.

Based on source, the energy harvesting segment is anticipated to grow at the highest CAGR during the forecast period

Based on source, the energy harvesting segment of the thermoelectric generators market is projected to grow at the highest CAGR from 2017 to 2022, owing to the increasing demand for energy harvesting for various applications such as wearables, especially for consumers and soldier systems. Thermoelectric generators are expected to replace the batteries used in these applications, contributing to the growth of thermoelectric generators market.

Asia-Pacific is expected to be the fastest-growing market for thermoelectric generators during the forecast period

The thermoelectric generators market in the Asia-Pacific region is expected to grow at the highest CAGR during the forecast period. The growth of this market is mainly attributed to an increase in demand for waste heat recovery due to the growing industrialization in emerging economies such as China and India.

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